Top 5 Trends for Medical Billing Services in 2023

The healthcare system has changed dramatically in recent years. With the advent of technology and the introduction of virtual care, medical billing has also changed dramatically. This can be seen in medical billing statistics, which point to several new trends. These include a significant increase in the adoption of virtual payment systems and new medical billing technologies. As 2022 comes to a close and we move toward 2023, it’s time to take a look at some of the top five trends in medical billing services in 2023 that will reshape the healthcare system. Knowing the latest trends will help you understand where your facility is falling short and implement them for better revenue next year.

1. Autonomous Coding

According to a report by Kaufman Hall, hospital operating margins dropped 80% in 2021 compared to pre-pandemic levels. This figure shows that hospitals and other healthcare facilities need to be encouraged to adopt and further leverage automation technology in the billing system. Not only will it eliminate the manual errors that were often part of the billing system, but it will also reduce the hiring of more billers than needed for medical billing services in 2023.

The new software, which provides an automated coding system, eliminates coding errors and reduces the time spent on medical coding and billing, ensuring timely submission. The result is preventing revenue loss and improving revenue cycle management while scaling the facility.

2. Improve Patient Experience

One of the critical issues that are growing and are a major concern for any healthcare facility is improving the patient experience and access to care. A key deficit that weighs on the patient experience is information about payment. The question of how much the patient should pay out of pocket always remains, and the answer is surprising.

Part of serving patients is providing them with the information they need immediately and efficiently for the charges they will pay. Such information can help patients know the amount that health insurers will cover and the additional costs they will have to bear.

New technologies, such as AI-powered chatbots and other software, can provide patients with this much-needed information. The improved omnichannel and patient payment system plan will be the new trend that requires a much-needed overhaul.

3. Cybersecurity Compliance

With the increase in telehealth, telemedicine, work from home by the medical billing staff, and EHR software, cyber security is an issue. The dependency on the unsecured network and often the oversight by the healthcare providers regarding the data can be open to cybercriminals’ target.

There have been reports that the healthcare industry has experienced maximum security breaches in the last decade. In fact, the cost of security breaches is on the rise, as it was about $$7.13 million in 2020. According to industry experts, security breaches will continue to rise unless proper cybersecurity is implemented. Cybercrimes in the healthcare sector also violate medical billing and coding compliance, and with new HIPPA privacy and security rules in place, any cyber breach in practice will be jeopardized.

There is a need to put new cybersecurity protocols in place for the sake of revenue cycle management, and medical billing and coding need to be HIPAA compliant to warrant the security of data and records. Therefore, new software and technology are being introduced that are harder to breach. In 2023, medical billing companies will see new and enhanced cybersecurity.

4. AI in Medical Billing

In medical billing, prior authorization must warrant successful reimbursement for the services offered. There is a technology that can provide prior approval, enhanced information exchange, age verification, and other details from the patient required for successful reimbursement. However, earlier, there needed to be more standardized protocols for information exchange and documentation. With HIPPA complaint standardized rules, new technology and software are put in place that not only modernize the prior authorization process but also keeps AI-backed technology on the rise. The API-driven exchange of information will make the medical billing services in 2023 more robust, secure, and easy to use by the patients, medical admin and billing staff, and stakeholders.

5. Analyzing the Underpayment Issue

Most medical practices are plaques with underpayment issues; mitigating them with in-house staff can be pretty challenging. The new trend that has been there for the last few years and will continue to rise is partnering with a knowledgeable medical billing company like 24/7 Medical Billing Services to mitigate the underpayment issue.

The partners will analyze the problems that cause the underpayment and other issues that decrease the practice’s revenue. They will put in place KPIs that will allow you to get the correct view of your facility and a way to correct its course to increase revenue through the medical billing process. Partnering with the 24/7 Medical Billing Services will ensure the medical facility does not have to train medical billing staff, thus decreasing overhead costs and offering experienced services to enhance revenue.  

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